Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I've only worked in rich people's homes, so no need to ask, I can clearly see with my own eyes what it's like to be rich. I'm feel more compelled to ask them, "How did they get rich?", but I don't...that's their personal business.
There's a practical book about how people get rich. It's called "The Difference" by Jean Chatzky. This isn't about starting a specific business or anything like that. It delves more into the minds/habits/character traits of well off people. It turns out that it boils down to about 20 different behaviors/character traits. The more of these 20 traits you have, the more likely you are to be rich.
Ask Lindsay Lohan if money has prevented her life from no longer having "ups and downs."
I imagine being rich is blessing for some and a curse for others.
Good point. But generally people who've created their wealth over a decade or two have different character traits than Lindsay Lohan (ant other actors in general). Also, we'll see if Lindsay still has money throughout her life. Many actors earn a lot but have no actual wealth because they blow it all with high living, addictions, divorces, or some combination of the above. Those who get wealthy generally have healthy habits and tend not to create unnecessary drama in their lives.
There are some really messed up usages being thrown around in this thread.
In other words, anyone who doesn't use YOUR definition is messing things up, eh?
But I do agree, the problem with the term "rich" is that it is vague and everyone defines it differently, so a lot of us are not talking about the same thing.
Many different definitions of "rich." What is the net worth requirement? Being in the 1%? .25%
We are completely self-made - no family money. Family members may think we're rich because they know of the companies and properties we own. Neighbors may think we are middle class because we still live in a modest house, drive practical cars, and don't belong to the country club. We don't wear designer clothes or buy expensive toys. But we do eat out/vacation whenever/wherever we want and don't worry about kids' education expenses. The kids are living a lot better than we did and that is our biggest concern - raising well-adjusted, caring, hard-working people who understand/appreciate the advantages they have.
We don't choose to associate with snobs, just down-to-earth people. People are surprised when they find out what company we own. Just because they know of the company, they assume we have money - they haven't even seen the P&L statement! Sometimes they start inviting us (and our kids) to their events and we may distrust their motives. We're not hiring or selling shares, and we don't want to mentor or invest in friends' businesses. We can't yet afford to make big, philanthropic donations - but maybe someday.
An amazing amount of money flows into and out of our hands, like monopoly money. And our personalities allow us to take big financial risk - we'll risk money on ideas and are comfortable losing money out of the gate. We invested and lost a lot of money. Then we rebuilt. What happens if markets change, competition increases, financing becomes unavailable? We are rich one day, poor the next just as we've seen many times with entrepreneurs. But strangely, we are not that worried about it. We'll start again. We have a high amount of confidence in ourselves. Maybe we're just delusional.
If we are rich, it has given us some flexibility (e.g we're now spending July on a remote island, but not without daily calls to the office) and great responsibility (to our customers, tenants, employees). Time is our greatest resource. As we've learned how to make money, we've become less upfront about our strategies when asked. We are a bit jaded, distrustful after being burned a few times. It often feels as if everyone is trying to rip us off. We are a lot more guarded than when we first started out and more aggressive in protecting our interests.
In other words, anyone who doesn't use YOUR definition is messing things up, eh?
As I commented... the one in Websters or any other dictionary was/is just fine with me.
Heck, I copied and pasted one of them in to make it even easier.
Quote:
But I do agree, the problem with the term "rich" is that it is vague and everyone defines it differently...
No, the term is not vague at all; but yes, people still attempt to define it using anecdotes.
It's like people are afraid to use dictionaries or other objective source for facts.
Want to expand or expound with your personal theories beyond that point? Go to town!
Just use the actually correct terms and within their defined usage when you do.
Location: Chapel Hill, NC, formerly NoVA and Phila
9,779 posts, read 15,797,090 times
Reputation: 10888
Quote:
Originally Posted by mysticaltyger
There's a practical book about how people get rich. It's called "The Difference" by Jean Chatzky. This isn't about starting a specific business or anything like that. It delves more into the minds/habits/character traits of well off people. It turns out that it boils down to about 20 different behaviors/character traits. The more of these 20 traits you have, the more likely you are to be rich.
Many different definitions of "rich." What is the net worth requirement? Being in the 1%? .25%
We are completely self-made - no family money. Family members may think we're rich because they know of the companies and properties we own. Neighbors may think we are middle class because we still live in a modest house, drive practical cars, and don't belong to the country club. We don't wear designer clothes or buy expensive toys. But we do eat out/vacation whenever/wherever we want and don't worry about kids' education expenses. The kids are living a lot better than we did and that is our biggest concern - raising well-adjusted, caring, hard-working people who understand/appreciate the advantages they have.
We don't choose to associate with snobs, just down-to-earth people. People are surprised when they find out what company we own. Just because they know of the company, they assume we have money - they haven't even seen the P&L statement! Sometimes they start inviting us (and our kids) to their events and we may distrust their motives. We're not hiring or selling shares, and we don't want to mentor or invest in friends' businesses. We can't yet afford to make big, philanthropic donations - but maybe someday.
An amazing amount of money flows into and out of our hands, like monopoly money. And our personalities allow us to take big financial risk - we'll risk money on ideas and are comfortable losing money out of the gate. We invested and lost a lot of money. Then we rebuilt. What happens if markets change, competition increases, financing becomes unavailable? We are rich one day, poor the next just as we've seen many times with entrepreneurs. But strangely, we are not that worried about it. We'll start again. We have a high amount of confidence in ourselves. Maybe we're just delusional.
If we are rich, it has given us some flexibility (e.g we're now spending July on a remote island, but not without daily calls to the office) and great responsibility (to our customers, tenants, employees). Time is our greatest resource. As we've learned how to make money, we've become less upfront about our strategies when asked. We are a bit jaded, distrustful after being burned a few times. It often feels as if everyone is trying to rip us off. We are a lot more guarded than when we first started out and more aggressive in protecting our interests.
If you were more visionary you would get out of Chicago while you still can. With the government there it is only a matter of time until it becomes Detroit.
As I commented... the one in Websters or any other dictionary was/is just fine with me.
Heck, I copied and pasted one of them in to make it even easier.
No, the term is not vague at all; but yes, people still attempt to define it using anecdotes.
It's like people are afraid to use dictionaries or other objective source for facts.
Want to expand or expound with your personal theories beyond that point? Go to town!
Just use the actually correct terms and within their defined usage when you do.
Thanks
Here's the definition you posted:
1. having wealth or great possessions; abundantly supplied with resources, means, or funds;
2. abounding in natural resources: a rich territory.
3. having wealth or valuable resources
and if you look up wealth you get:
1. a great quantity or store of money, valuable possessions, property, or other riches: the wealth of a city.
2. an abundance or profusion of anything; plentiful amount: a wealth of imagery.
=====
Can you please explain to us how much wealth it takes to be rich? What great possessions would one need to be rich? How abundantly supplied with resources must I be to be rich?
Can you please explain to us how much wealth it takes to be rich?
A LOT more than what it takes to fund the middle class life that nearly every
post in this thread describes as being 'rich"... which is the real point.
Being able to play a few rounds of golf or take your kids to Disneyland or to install a
new water heater without having to rejigger your investment portfolio... is NOT rich.
Having that investment portfolio... is NOT rich.
Having an investment portfolio of adequate size that it (and some SS) could support
something close to the life you're used to when at retirement age... is NOT rich.
These are or should be considered nothing more than a common middle class American life.
hth
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
